Dow - More likely on major wave 9

Dow (28,015)

After plunging through its upper trendline with a gap on Tuesday, Dow regained 513 points in the next three trading days to move back to above the upper trendline again. It appeared to me that Dow is more likely to be in its major wave 9. Very likely Dow has just completed the wave (i) of its major wave 9.

With this wave count, Dow is likely to move lower in the next few months to complete its wave (ii) of major wave 9.

However if Dow can continue to move higher from its current level with more record highs, the only possibility is as shown below - Dow is at the tail end of its wave (i) of its major wave 9.

And of course, it may be unlikely at this moment but it may be good not to rule out the worst possible scenario, the wave A-B-C-D-E for major wave 8.

FBMKLCI (1,568)

KLCI continued with its wave C of mega wave (6) formation.

Looking at its 2-Year chart, KLCI is either at the wave ix, the last wave of C, if I do not take the magnitude of the various rebounds into consideration.

But if I take the magnitude of rebounds into consideration as shown in the following chart, Wave C of mega wave (6) may need more time to complete.

Pinehill Pacific Bhd (Rm0.475)

Based on the quarterly report of Pinepac for quarter ending 30/9/2019, its earning reported is 71.66 sens a share  and net assets has increase to Rm1.49 a share. From its latest balance sheet, it has a net cash per share of 77 sens. After selling off all its plantation in Perak, Pinepac still has 51,000 acres of plantation land in Indonesia located near the southern border of Sarawak. Out of these 51,000 acres, 21,000 acres are matured oil palm estate. Pinepac at 47.5 sens is very cheap.

From its 5-Year chart, very likely Pinepac is forming its major wave 3 currently. OBV is very bullish. Price breakout is to be expected following its OBV breakout.

From its 6-Month chart, it is either at its sub-wave vii of wave (i)

Or it has just completed its wave (i).

Malayan United Industries Bhd (Rm0.215)

Mui put on two green candlesticks on Thursday and Friday with improved volume. It is quite likely that Mui has started its minor wave (iii) of its sub-wave i. Is Mui going to announce the successful sale of its Corus Hotel Hyde Park London very soon ?

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